Brokers name 3 ASX shares to buy today

It has been another busy week for many of Australia's top brokers. This has led to the release of a number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone right now:

Cochlear Ltd (ASX: COH)

According to a note out of Citi, its analysts have upgraded this hearing solutions company's shares to a buy rating with an improved price target of $300.00. The broker made the move partly on the belief that significant share price weakness following its half year results has created a buying opportunity for investors. And while it concedes that there is some uncertainty regarding new product launches, this hasn't stopped Citi from boosting its medium term earnings estimates on higher margin assumptions. The Cochlear share price is trading at $273.31 on Friday.

Qantas Airways Ltd (ASX: QAN)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this airline operator's shares with an increased price target of $11.80. Goldman believes that the company's half year results support the view that its earnings have been sustainably reset to a higher base, which justifies the significant re-rating in its valuation over the past 12 months. In addition, it feels that the result provided early indications and greater clarity associated with fleet renewal benefits, which Goldman notes will be a key contributor to future growth and profitability. In light of this, the broker feels that Qantas shares are good value at current levels despite their strong gains since this time last year. The Qantas share price is fetching $10.12 at the time of writing.

ResMed Inc. (ASX: RMD)

Analysts at Citi have also upgraded this sleep disorder treatment company's shares to a buy rating with an improved price target of $44.00. The broker made the move on the belief that ResMed's shares are trading at a reasonable level given its strong earnings growth and cash generation outlook. In addition, Citi highlights that the arrival of weight loss wonder drugs have had no (negative) impact on the company's growth. In fact, it suspects that drugs like Ozempic will be supportive of growth in demand for ResMed's products. As will wearables like the Apple Watch, which can now alert users for suspected sleep apnoea. This is expected to raise awareness among potential sufferers. The ResMed share price is trading at $35.71 on Friday morning.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear, Goldman Sachs Group, and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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